House repossesion!

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02 Sep 2007 00:00 by toto99 Star rating. 22 posts Send private message

Hi everyone,

Since the mortgage hike last month I can no longer afford my house, I want to give it back to the bank and rent, does anyone know how it works in spain?


Thanks in advance.



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02 Sep 2007 23:44 by mariadecastro Star rating in Algeciras (Cadiz). 8578 posts Send private message

mariadecastro´s avatar

Give it back to the bank ? Once you fail paying  the loan instalments the bank will try to negotiate a solution out of courts or will activate an out of courts sale ( if that was agreed in the mortgage deed).. Finally, it will initiate an executive judicial procedure to repossess the house, sell it in public auction and pay your debt.


Maria L. de Castro, JD, MA



El blog de Maria

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